Net Eligible Contract Payments definition
Net Eligible Contract Payments means, as of the date of determination, the remainder of (a) the Gross Contract Payments owing under all Eligible Contracts, minus (b) the sum of (i) the aggregate amount, to the extent included within the definition of Gross Contract Payments, all unearned interest, fees, and charges applicable to the Eligible Contracts and (ii) the unearned insurance commissions as presented on the books and records of Borrowers.
Net Eligible Contract Payments means, as of the date of determination, the remainder of (a) the Gross Contract Payments owing under all Eligible Contracts, minus (b) the sum of (i) the aggregate amount, to the extent included within the definition of Gross Contract Payments, all unearned interest, fees, finance charges and other charges applicable to the Eligible Contracts, (ii) the unearned insurance commissions, dealer reserves and unearned discounts as presented on the books and records of the Borrower, and (iii) such other amounts as the Lender, in its reasonable discretion, deems necessary or appropriate as a result of new types of Contracts that the Borrower did not own as of the Closing Date or as a result of changes after the Closing Date in accounting for Contracts.